What is NILS?

With us you pay no more.

Mary MacKillop Today’s No Interest Loan Scheme (NILS) is an accredited program that was developed by Good Shepherd Sisters in 1981 and adopted by the Sisters of St Joseph and other agencies.

The loans do not attract interest and there are no fees. Loans are available for up to $2,000 for essentials such as appliances or furniture, to help you get your car back on the road, pay for education fees and equipment or help you cover the cost of goods and services to support your wellbeing. You can also borrow up to $3,000 for housing related expenses such as bond or rent in advance, or for recovery from a natural disaster. Repayments are set up at an affordable amount over 12 to 18 months.

NILS isn’t a payday loan and it’s not a bank loan. NILS works through a process called 'circular community credit'. This means when a borrower makes a repayment to NILS, the funds are then available to someone else in the community. NILS loans are available through Mary MacKillop Today, supported by Good Shepherd Microfinance, NSW Fair Trading, NAB and DSS.

Loan Comparison

Below is a table showing an example comparison between NILS and other loan providers. This is only a guide, please speak to our friendly Financial Inclusion Officers if you have any questions - click the table to enlarge.

(Figures are correct as of August 2018 and taken from advertised Rent to Buy and Pay Lenders websites and calculated with Money Smart Calculators).